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Journalize the following transactions for Beautiful Decor Inc., that occurred during the month of November assuming the net method is used Beautiful Decor's cost of
Journalize the following transactions for Beautiful Decor Inc., that occurred during the month of November assuming the "net" method is used Beautiful Decor's cost of inventory is 60 percent of the sales price. (Record debits first, then credits. Exclude explanations from any joumal entries.) (Click the icon to view the transactions) Nov 3. Sold $1,900 of merchandise on account, terms 4/15, 146, FOB shipping point. Beautiful Decor, Inc, prepaid 565 of shipping costs and added the amount to the customer's invoice Begin by recording the sale portion of the entry (Do not yet record the cost related to the sale. We will do this in the next journal entry. Prepare a compound entry accounting for the sales revenue as well as the cash paid for shipping) Journal Entry Date Accounts Debit Credit More Info Nov 3 Accounts receivable Sales revenue Cash Nov 3 Sold $1,900 of merchandise on account, terms 4/15, 1/45, FOB shipping point. Beautiful Decor Inc. prepaid $65 of shipping costs and added the amount to the customer's invoice 7 Issued a credit meme to the customer acknowledging the return of $225 (sales price) of unwanted goods 16 Received payment in from the customer for the November 3 invoice Print Done
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